Closing cost estimates for co-op sellers are only for reference. The exact cost to the seller will be different on the closing cost details provided by the seller’s lender and attorney.
Pay attention to the broker’s commission and taxes. These closing cost line items are a percentage (%) of the total price and demands the seller’s utmost attention because it translates to the biggest amount of money.
| For the Seller of Co-ops |
Estimated Cost | Notes |
| Broker’s Commission | 6% of the purchase price | Does the listing broker offer seller savings? Significant savings may be possible. |
| Seller’s Attorney | $1,500 – $2,500+ | |
| Managing Agent / Co-op Attorney Fee | $500+ | |
| Flip Tax | Typically 1% to 3% of price | No flip tax if ownership of co-op apartment exceeds a determined period of time. |
| New York City Transfer Tax | 1% of price for purchase of $500,000 or less; 1.425% of price for purchase over $500,000 | Paid by seller. Exception applies to new construction sales by the Sponsor, the buyer will pay the NYC transfer tax. |
| Pick-up / Payoff Fee to Title Closer | Varies by number of liens (per mortgage) to pay off | Get the checks to the correct people. |
| New York State Transfer Tax | 0.4% of purchase price | $4 per $1000. Paid by seller. Except sale by sponsor on new constructions. |
| Stock Transfer Tax | $0.05 per share | |
| Lost Stock and Lease Fees | $200+ | Depends on co-op building. |
| Move-out Deposit | Varies by building | Usually refundable if no damage during the moving process. |
| E Tax Filing (ACRIS) | $50+ | NY uses the Automated City Registering Information System to file transfer taxes. |
| UCC-3 Filing Fee | $100 | UCC 3 form, also known as a UCC Financing Statement Amendment. Form provided by the seller’s lender. |
| Bank Attorney Fees | $500+ | |
| NYS Capital Gains Tax Withholding | 8.82% of taxable gain on sale | Applicable to non-US residents. Consult with a tax professional. |
| FIRPTA, only for non-US residents | Buyer to withhold 10% of purchase price | Foreign Investment in Real Property Act, applies to non-US sellers. |
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